According to gotquestions.org, no:
"In Greek, the original language of the New Testament, the word for “Christ” is Χριστός, which begins with the Greek letter that is essentially the same letter as the English letter X. So, originally, Xmas was simply an abbreviation of Christmas. No grand conspiracy to take Christ out of Christmas. Just an abbreviation."
So, the next time someone tries to be clever and wish you a "Merry X-mas" in an attempt to "X" out Christ, share with them the real meaning of "X-mas" and the life changing message of the gospel.
Courage and Godspeed,